A person you work for in the accounting department is confused about FIFO and LIFO...
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Accounting
A person you work for in the accounting department is confused about FIFO and LIFO as methods of charging cost of goods sold against revenue. For your initial post, explain to this person (for each method) which units are used to calculate the cost of the ending inventory and which financial statement is emphasized. Also, indicate which method results in the lower net income (assuming rising cost per unit).
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